Convergence

Ethena

Divergence

Ethena price forecast: ENA, a synthetic dollar protocol built on <a href="https://coingape.com/ethereum-layer-2-blast-secures-major-exchange-listings-amid-airdrop/">Ethereum</a>, has experienced a noticeable price fluctuation over the past day. The ENA price is trading in downtrends after bearish movements dominated the market dynamics.&nbsp; At the time of writing, the token hovered at $0.5594, with a decrease of 2.88% during European working hours.&nbsp; 
According to <a rel="nofollow" href="https://coinmarketcap.com/currencies/ethena/">CoinMarketCap data</a>, the current market capitalization stands at approximately $850 million. The 24-hour trading volume for Ethena is reported to be $64 million reflecting a 12% decrease from the previous period. This metric indicates the overall activity and liquidity of the token in the market. 
<h2 id="span-style-font-weight-400-ethena-price-forecast-is-a-recovery-possible-span">Ethena Price Forecast: Is a Recovery Possible?</h2> 
Ethena has recently exhibited a downward trend, with its value falling below the crucial $0.63 mark, signaling a bearish phase. Recent price fluctuations among major alternative coins reflect mixed market sentiments. 
A tug-of-war between bearish and bullish forces is evident, with bearish forces currently dominating. This is underscored by a notable decline in ENA value. Over the past week and month, ENA has dropped by 11% and 38%, respectively, highlighting the bearish trend influencing the crypto market. 
<figure id="attachment_204685" aria-describedby="caption-attachment-204685" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-204685" src="https://coingape.com/wp-content/uploads/2024/06/ENAUSDT_2024-06-27_14-18-12.png" alt="Ethena Price Forecast: What Will It Take for a Rally Towards $2?" width="1244" height="686" srcset="https://coingape.com/wp-content/uploads/2024/06/ENAUSDT_2024-06-27_14-18-12.png 1244w, https://coingape.com/wp-content/uploads/2024/06/ENAUSDT_2024-06-27_14-18-12-300x165.png 300w, https://coingape.com/wp-content/uploads/2024/06/ENAUSDT_2024-06-27_14-18-12-1224x675.png 1224w, https://coingape.com/wp-content/uploads/2024/06/ENAUSDT_2024-06-27_14-18-12-768x424.png 768w, https://coingape.com/wp-content/uploads/2024/06/ENAUSDT_2024-06-27_14-18-12-150x83.png 150w" sizes="(max-width: 1244px) 100vw, 1244px">
 <figcaption id="caption-attachment-204685" class="wp-caption-text">
 Ethena Price Forecast
 </figcaption>
</figure> 
Ethena’s price fluctuated between $0.63 and $0.53 for a period. However, bullish momentum could not be sustained, resulting in a dive below its support level. Most cryptocurrencies are trading sideways, some showing bullish trends and others experiencing downtrends. 
<a href="https://coingape.com/bybit-partnership-boosts-ethena-ena-price-target-amid-high-trader-activity/">ENA</a> price has been declining since it hit an all-time high of $1.52 on 11th April, reflecting a broader trend of volatility in the market. 
<h2 id="span-style-font-weight-400-technical-indicators-suggest-continued-market-consolidation-span">Technical indicators suggest continued market consolidation.</h2> 
<a href="https://coingape.com/markets/ethena-price-prediction-is-3-4-billion-tvl-ena-back-to-1/">Ethena</a> is currently experiencing a bearish trend. If market strength remains insufficient, its value may weaken further. The cryptocurrency could drop to its support level of around $0.56. Persistent bearish pressure could deepen the decline, potentially falling to a lower support level near $0.5 in the near future. 
On the flip side, if bulls can overcome the $0.57 resistance, an upward momentum is likely. This surge could push Ethena towards testing significant resistance at $1. With continued bullish pressure, Ethena’s price could climb to $2 in the upcoming rally. 
The <a href="https://coingape.com/education/bollinger-band">Bollinger Bands </a>on the daily chart for the Ethena indicate a tightening range, suggesting a period of low volatility. The upper band is approximately $0.5876, while the lower is about $0.5318. Additionally, the Average Directional Index (ADX) stands at 25, indicating relatively weak trend strength, which corroborates the current consolidation phase of the market. 
<figure id="attachment_204684" aria-describedby="caption-attachment-204684" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-204684" src="https://coingape.com/wp-content/uploads/2024/06/ENAUSDT_2024-06-27_14-15-26.png" alt="Ethena Price Forecast: What Will It Take for a Rally Towards $2?" width="1244" height="686" srcset="https://coingape.com/wp-content/uploads/2024/06/ENAUSDT_2024-06-27_14-15-26.png 1244w, https://coingape.com/wp-content/uploads/2024/06/ENAUSDT_2024-06-27_14-15-26-300x165.png 300w, https://coingape.com/wp-content/uploads/2024/06/ENAUSDT_2024-06-27_14-15-26-1224x675.png 1224w, https://coingape.com/wp-content/uploads/2024/06/ENAUSDT_2024-06-27_14-15-26-768x424.png 768w, https://coingape.com/wp-content/uploads/2024/06/ENAUSDT_2024-06-27_14-15-26-150x83.png 150w" sizes="(max-width: 1244px) 100vw, 1244px">
 <figcaption id="caption-attachment-204684" class="wp-caption-text">
 Ethena Price Forecast: Source: <a rel="nofollow" href="https://www.tradingview.com/x/hEhaBO9C/">Tradingview</a>
 </figcaption>
</figure> 
The Moving Average Convergence Divergence (MACD) shows a slight bearish signal, with the histogram plotting just below the baseline, reflecting a decrease in momentum. The Relative Strength Index (RSI), currently at 46, indicates a neutral market without overt signs of overbought or oversold conditions. 
The post <a href="https://coingape.com/markets/ethena-price-forecast-what-will-it-take-to-bolster-ena-towards-2/">Ethena Price Forecast: What Will It Take To Bolster ENA Towards $2?</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Ethena Price Forecast: What Will It Take To Bolster ENA Towards $2?

Inhoudsopgave

Coingape News Media

Andere artikelen gepubliceerd op 27 jun 2024

Increased Activity Boosts Demand for Pepe Memecoin

Enforcement of South Korean virtual assets law prescribed in decree

Newly Released Meme Coin to Invest in Now Thursday, June 27 – Base Dawgz, The CoqFather, Brett (T...

Bear di Bitcoin Masih Pegang Kendali, Perdagangan ETF Ethereum Spot Diprediksi Juli, dan Rollbloc...

Cardano Foundation Gears Up For Chang Hard Fork, Governance Transition

XRP Price: Bigger Drops Ahead; Price To Soon Revisit 2020 Lows?

Meld je aan voor onze gratis nieuwsbrief voor dagelijkse crypto-updates!